Essay On Student Loans

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Recommended: Need and importance of education in human societies

Student Loan System Throughout the ages, society has evolved to overcome the challenges it faces from one generation to the next, by learning and advancing further than the previous ones. It has undergone a vast number of changes; however, mankind has never undermined the importance and necessity of a complex and well-educated society. Moreover, it is the duty of each one of us to make sure that the next generation takes a step further than the previous one. With this in mind society has understood the importance of higher education for the future. Yet, the hesitation we witness today to pursue a degree is due to the high cost of student loans. Truly, this is a terrifying issue which cannot be ignored, as it has a direct impact on the future. …show more content…

On the contrary, it isn’t just Muslim students who do not have access to student loans, “A majority of black and Latino students are being denied student loans as well, due to their race and ethnicity” (Alternatives To Loans). Personal beliefs and race are not just the two reasons that cause students to be deprived of loans; low-income families are being targeted as well. Denying low-income families a student loan is absurd. The very purpose of a student-loan is to aid low-income …show more content…

There seem to be many corporations trying to attract the talent with what they have got to offer. The recent trend has been the fact that some companies have inserted help with student loan debt in their benefits, which has resulted in an increasing number of students choosing such corporations. This seems to be an excellent and efficient way to clearing off the student loan debt and especially the increasing interest rates. This seems to be a fine way to divest onself of the issue. For instance, “Investment bank Natixis Global Asset Management offers minimum 5-year employees with $5,000 for federal student loans with an additional $1,000 payment each year for up to five years”(Pitsker, Kaitlyn). However, it doesn’t include the entire debt but rather a fixed amount over the period of five years.
Another advantage to a student loan system is creating a credit history. A student loan helps the student build a credit history, which helps him in the years after graduation. For instance, if the student after graduation required a loan to buy a house his credit history would enable him to achieve his personal goal; however, this is only possible if the student manages to pay back the student loan regularly and in time, or else it would play against him and prevent him from receiving a loan in the foreseeable

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